Future Plc / TI Media Limited merger inquiry

The CMA investigated the anticipated acquisition by Future Plc of the entire share capital of Sapphire Topco Limited (the parent company of TI Media Limited).

• From: Competition and Markets Authority
• Published: 20 January 2020
• Last updated: 22 April 2020 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Communications
• Outcome: Mergers - phase 1 clearance with undertakings in lieu
• Opened: 20 January 2020
• Closed: 17 April 2020

Statutory timetable

Phase 1 date	Action
17 April 2020	Undertakings in lieu of reference accepted
16 March 2020	Decision announced
20 January to 31 January 2020	Invitation to comment
20 January 2020	Launch of merger inquiry

Phase 1

Undertakings in lieu of reference accepted

17 April 2020: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by Future Plc of the entire share capital of Sapphire Topco Limited (the parent company of TI Media Limited).

• Final undertakings (22.4.20)
• UIL acceptance decision (17.4.20)

Undertakings in lieu of reference consultation

1 April 2020: We are consulting on proposed undertakings in lieu of a reference for the anticipated acquisition by Future Plc of TI Media Limited. The deadline for comments is 15 April 2020.

• Notice of consultation (1.4.20)
• Proposed undertakings (1.4.20)

CMA to consider undertakings offered

26 March 2020: The CMA considers that there are reasonable grounds for believing that the undertakings offered by Future plc, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002. A copy of the decision is available below.

• Decision that undertakings might be accepted (26.3.20)

Reference unless undertakings accepted

16 March 2020: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

• Full text decision (22.4.20)
• News story: Magazine and tech sites merger to be cleared if concerns overcome: (16.3.20)

Invitation to comment: now closed

20 January 2020: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Launch of merger inquiry

20 January 2020: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (20.1.20)

Contact

Please send written representations about any competition issues to: general.enquiries@cma.gov.uk

Published 20 January 2020
Last updated 22 April 2020 + show all updates

1. 22 April 2020

   Full text of final undertakings in lieu of reference published.

2. 22 April 2020

   Full text of decision to refer unless undertakings accepted published.

3. 17 April 2020

   Undertakings in lieu of reference accepted.

4. 1 April 2020

   Notice of consultation and proposed undertakings published.

5. 16 March 2020

   Update for publication of Phase 1 decision

6. 20 January 2020

   First published.